Advice 101

**Mick** · 01-01-2012, 07:49 AM

Advise I got once I thought was good - Never go to the IRS for advise, they know less than you.

Any written record can be used to show income and expenses. I use a combination of Quickbooks Basic (which is free) and a Word Document. Plus the scale tickets. The key is "reasonable". Are your claimed expenses reasonable for the income generated?

**PistoneScrapProcessing** · 01-01-2012, 09:42 AM

I will be honest I really don't do any book keeping anymore since all of my receipts and such are kept up through my online bank statements. Kinda nice not to have all this paperwork stacking up all over the place anymore. I just go through each line item in my account and add it up at the end of the year. I get one 1099 from the yard or yards I worked for pretty easy to do my taxes. I just always hate looking at the final number. I would suggest to copperhead of opening a separate account and only doing business transactions through it and get a debit card with it that you use for everything. I don't pay cash for anything ever.

**Copper Head** · 01-04-2012, 08:46 AM

Originally Posted by Mick

Advise I got once I thought was good - Never go to the IRS for advise, they know less than you.

Any written record can be used to show income and expenses. I use a combination of Quickbooks Basic (which is free) and a Word Document. Plus the scale tickets. The key is "reasonable". Are your claimed expenses reasonable for the income generated?

Since i see & know scrap business is a volume business (what the heck .10 for mix per lb.) I seem to be at 38% net profit with my fuel cost being the main issue .Fellows & gals I am not close AT ALL to getting 38% of a million , I am at chicken feed level .
Each month fixing flats , Cut off wheel blades ECT. What i see now is try to get the most you can for the fuel .